A leading global financial
services company maintained three separate processes across different business
channels for providing secure client data to authorized Financial Advisors /
external parties. These processes varied significantly, often resulting in
duplicate work, incomplete compliance forms, record retention opportunities,
and inconsistent process service level agreements (SLA). Based on previous
business process improvement successes, CapTech performed the assessment phase
for streamlining the client’s external data feed process.
Solution:
CapTech applied its standard process engineering
methodology to assess the current state and build a future state design that
included the most efficient process for providing secure client data to
Financial Advisers across three different business channels. In the current state analysis phase, CapTech
captured and inventoried the required authorization forms (per compliance),
documented the current process flows, and identified and prioritized
opportunities. CapTech partnered with
the client to understand their vision of the future state and reprioritized
found opportunities. Competitor
benchmarking of receiving secure client data was performed to align
recommendations and the future state design with industry best practices. The future state design included centralizing
the process to the proper back-office business operating group, providing a
uniform SLA across all business channels, and only collecting the required
client agreement forms. The output was a
model process flow and a roadmap for implementation activities.
Tools:
Business Analysis
Competitive Benchmarking
Workflow Design
Results:
The improved process design eliminated
compliance risk and provided a consistent SLA of 5 days (previous SLA range was
5–10 days).
The design reduced back-office processing time
by 15% by eliminating rework and offering better process throughput.
The assessment resulted in a need to focus on
the consolidation of processes and prioritized other improvement projects
within the organization.